The official version of VCV Rack runs fine on M1, and there is also the forked version of Dmitry from here which runs better when using VCV Rack in tandem with other application that tax the GPU.
Hopefully a future version specific for ARM will run with even more benefits for these new Macs, but as it is now it works fine!
Most laptops will have noise fan certainly also on Windows. Surprisingly these new Macs are very quiet and even when starting the fan it is considerably less noisy then what you would expect.